Real Time e-mini S&P Trading, plus contrarian commentary on all the markets, all the time

Wednesday, March 23, 2011

Guesstimates on March 23, 2011

June S&P E-mini Futures: Today's range estimate is 1280-1293. I think the next development will be a drop to 1225-35 which should end the correction which began from the February top. Once this correction is complete the bull market will resume.

QQQ:I expect to see new bull market highs after the current break ends.

TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.

TNX (ten year note yield): The 10 year yield is headed for 4.50%.

Euro-US Dollar: I think the euro will move up to145.00.

Dollar-Yen:Intervention by the Bank of Japan and the Fed rallied the yen to 82.00. I think 83.50 is the upside potential. After that the drop to 70.00 should resume.

May Crude: Crude will continue upward to 112. Support is at 97.

GLD – April Gold: A move to new highs is underway. 1495 is the next upside target.

SLV - May Silver: Silver has reached the 36.00 upside target but there is still no sign of a top. Next stop is 39.50.

Google: The 540 level is support. A move that should take GOOG above 700 is underway.

1 comment:

Hi carlit is starting to look like the recent lows on may 15 16th were point 16 , a move back up to test the highs would be point 17 could still correlate with a early to late may low yet would be from near present levels and the market would then be sideways trading range market ?? we will see soon enough .joe

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About Me

I write three financial blogs. The first is Carl Futia.On this blog I post daily "guestimates" of the current trends and trend potential in important markets. Once a week I post an explanation of my views on one of these markets with illustrative charts.
My second blog, Carl Futia Real Time, is subscription based. It is a real time trading seminar in which members receive my real time analysis of the E-mini S&P futures and can watch me trade them. In this seminar I explain how I calculate support and resistance levels and how I recognize market "rejections" of support or resistance which then determine the current trend directions.
My third blog is called The Art of Contrarian Trading and is based on my book of the same title. On that blog I focus less on day-to-day market details and more on swings in investor sentiment, the "information cascades" which I talk about in my book.